Refined olive oil and fractions market in Italy

Earlier Report Observations

The Italian refined olive oil market experienced strong growth in physical volume from 2018 to 2021, with production more than doubling and total market volume expanding from 79.9 thousand tonnes to 177.2 thousand tonnes.

This trend reversed from 2022 onward, with market volume contracting significantly. A persistent drought during the 2023/2024 harvest campaign reduced olive yields and output across Italy and other producing nations, accelerating the decline. In 2024, Italian production fell by an estimated 32%, while a 45% surge in extra virgin olive oil exports further limited domestic availability. Concurrently, the sector saw regulatory developments, including the establishment of a technical working group for the olive oil supply chain, aiming to support producers through new operational procedures and a focus on quality certifications.

Production refined olive oil and fractions in Italy

In value, 2017-2020, M $ US

Italy's production of refined olive oil and fractions in monetary terms has rebounded after a two-year decline. In 2020, output reached 377.5 million US dollars, marking a 7.4% increase compared to the previous year. However, looking at the period from 2017 to 2020, production overall decreased by 7.5%, which translates to an average annual decline of 2.6%. The lowest point was in 2019, with a value of 351.6 million US dollars, when the largest drop of 8.2% occurred.

Annual dynamics of production in Italy in value, 2017-2020, M $ US

In kind, 2017-2020, K t

Italy's production volume of refined olive oil and fractions has grown for the third year in a row. In 2020, the country produced 155.6 thousand tonnes, showing a sharp increase of 44.1% over the previous year. From 2017 to 2020, production surged by 89.6%, with a compound annual growth rate of 23.8%.

Annual dynamics of production in Italy in kind, 2017-2020, K t

Exports refined olive oil and fractions from Italy

Exports in kind, t

Italy's export volume of refined olive oil and fractions has recovered after a two-year decline. In 2020, exports totaled 61 587 tonnes, representing a sharp year-on-year rise of 26.9%. Over the 2017-2020 period, exports increased by 14.2%, with a compound annual growth rate of 4.5%. The lowest volume was recorded in 2019 at 48 541 tonnes, when the largest decline of 5.9% took place.

Annual dynamics of product's exports from Italy in kind, 2017-2020, t

From 2017 to 2020, the United States, Japan, and Canada formed the core group of markets for Italy's exports in kind. The United States accounted for 38.8% of exports, Japan for 7.3%, and Canada for 5.4%. Together, these three countries represented 51.4% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Italy in kind, 2017-2020

Exports in value, M $ US

Italy's exports of refined olive oil and fractions in monetary terms have increased after a two-year decrease. In 2020, exports reached 212.4 million US dollars, which is 10.6% higher than in 2019. However, from 2017 to 2020, exports overall decreased by 24.5%, with a compound annual decline rate of 8.9%. The minimum value was in 2019 at 192.2 million US dollars, when the largest drop of 24.9% was observed.

Annual dynamics of product's exports from Italy in value, 2017-2020, M $ US

Between 2017 and 2020, the United States, Japan, and Canada were among the largest buyers of refined olive oil and fractions from Italy in value terms. The United States held a 37.3% share of exports, Japan 7.2%, and Canada 5.4%. Even combined, these three markets represented just 49.9% of total export value, indicating a broadly diversified partner base.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Italy in value, 2017-2020

Imports refined olive oil and fractions to Italy

Imports in kind, t

Italy's import volume of refined olive oil and fractions has risen after a two-year drop. In 2020, imports amounted to 44 186 tonnes, showing a sudden uptick of 30.4% compared to the previous year. However, from 2017 to 2020, imports overall decreased by 5.3%, equating to an average annual decline of 1.8%. The lowest volume was in 2019 at 33 889 tonnes, when the largest decline of 20.8% occurred.

Annual dynamics of product's imports to Italy in kind, 2017-2020, t

Throughout 2017 to 2020, Spain remained the dominant source for Italy's imports in kind, capturing 89.9% of total flows. The remainder was fragmented across various other markets.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Italy in kind, 2017-2020

Imports in value, M $ US

Italy's imports of refined olive oil and fractions in monetary terms have increased after a two-year reduction. In 2020, imports totaled 90.1 million US dollars, up by 9.2% over the past year. However, from 2017 to 2020, imports overall decreased by 51%, which translates to an average annual decline of 21.2%. The minimum value was in 2019 at 82.5 million US dollars, when the largest drop of 42.0% was recorded.

Annual dynamics of product's imports to Italy in value, 2017-2020, M $ US

From 2017 to 2020, Spain concentrated 89.7% of Italy's total imports in value terms. The remaining volume was distributed among many countries, each with smaller individual shares.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Italy in value, 2017-2020